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Any words of wisdom for the younger THTers?

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Any words of wisdom for the younger THTers?

Old 01-26-2017, 10:59 AM
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Default Any words of wisdom for the younger THTers?

When I was 18 I worked for a small up and coming company. My boss was an older gentleman who had done quite well for himself. He wanted to impart his life wisdom to me and would always give me advice like “make your # 1 priority contributing the maximum allowable to an IRA.” He said that if I started when I was 18 I would be a millionaire by the time I was 58. Of course I didn’t listen; I bought a truck, and a boat, and went out to eat a lot. Another time I told my grandfather I was going to buy a Chevy Tahoe. He suggested that I keep the beater I was driving and take my Tahoe money and buy some vacant lots in a defunct subdivision. At the time they were selling for about $2000 / .25 acre lot. I had enough money to buy about 4 of them. 3 years later they were selling for $90K each. Of course I didn’t listen. I loved that Tahoe but I would be in a much better situation if I had listened to my grandfather’s advice.

SO… I will throw this out to you successful entrepreneurs and investors. Any advice for us younger guys? THT seems like a great place to ask this questions since there are many self-made men here. What would you do if you could go back to 30 or 35 with a little change in your pocket and a decent 9-5 job?
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Old 01-26-2017, 11:10 AM
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Blow it all now, you could get hit with a truck tomorrow.
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Old 01-26-2017, 11:12 AM
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Your boss and grandfather hit the nail on the head. My "words of wisdom" would be to live on less that you make no matter what the amount is. I will try my hardest to teach this to my kids.
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Old 01-26-2017, 11:21 AM
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Originally Posted by dmh22 View Post
When I was 18 I worked for a small up and coming company. My boss was an older gentleman who had done quite well for himself. He wanted to impart his life wisdom to me and would always give me advice like “make your # 1 priority contributing the maximum allowable to an IRA.” He said that if I started when I was 18 I would be a millionaire by the time I was 58. Of course I didn’t listen; I bought a truck, and a boat, and went out to eat a lot. Another time I told my grandfather I was going to buy a Chevy Tahoe. He suggested that I keep the beater I was driving and take my Tahoe money and buy some vacant lots in a defunct subdivision. At the time they were selling for about $2000 / .25 acre lot. I had enough money to buy about 4 of them. 3 years later they were selling for $90K each. Of course I didn’t listen. I loved that Tahoe but I would be in a much better situation if I had listened to my grandfather’s advice.

SO… I will throw this out to you successful entrepreneurs and investors. Any advice for us younger guys? THT seems like a great place to ask this questions since there are many self-made men here. What would you do if you could go back to 30 or 35 with a little change in your pocket and a decent 9-5 job?


You sound like My Son,but He is 27 and still will NOT take good advice! Of course I don't remember doing it when I was young either.....
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Old 01-26-2017, 11:25 AM
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I'm not old enough or wise enough to add anything of real value but I'm getting to the point in life when I think to myself, "you should have nailed that when you had the chance."

Make of that what you will.
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Old 01-26-2017, 11:29 AM
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I would do again the same things I did the first time. Contribute the max to my 401k, fully fund a non-deductible IRA and convert the full IRA balance to a Roth IRA right away, each and every year. The power of compounded investment earnings is truly the 8th wonder of the world. As many of my co-workers found, you can wind up retired earlier than you expect. Waiting until the late stages of your career to sock away retirement savings forfeits the long-term growth of investments and risks an underfunded retirement if you get handed the gold watch sooner than you expect.
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Old 01-26-2017, 11:32 AM
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Start putting in IRA by 21 and always LIVE WITHIN YOUR MEANS!
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Old 01-26-2017, 11:34 AM
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1> No one owes you anything
2> No girl is over your head
3> No job is out of your reach


Maybe I should add 4> compound interest can be your best friend or your worst enemy. in the spirit of the replies in this thread.
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Old 01-26-2017, 11:37 AM
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Never waste a hard on.
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Old 01-26-2017, 11:42 AM
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First thing is to believe in yourself. Don't limit yourself to one source of income. Don't spend money you don't have on shit you don't NEED to impress people you don't know. A smart man learns from their experience , A wise man learns from others. The power of time is your best tool.

buy some rental properties, buy more rental properties, buy a few more rental properties. Wash rinse repeat. Oh and its not to late to listen to that advice you got as an 18yr old

best of luck on your road to success
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Old 01-26-2017, 11:43 AM
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pay cash for toys (a bit controversial on THT)
cash is king; as in never buy something when it seems like that's the popular thing to do. wait for market cycles that are favorable to your purchase.
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Old 01-26-2017, 11:46 AM
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To make money without working you need
1- A big brain AND
2- a lot of money AND
3- Steel balls

If you lack any of those, you better stick to work hard.

Opportunities will flash and smack you in the face...
without a brain, you wont see them, regardless if you have the money or the balls to take the risk
without money, you may well see it and have the balls to jump on it, but you are still screwed
If you have money and you are able to see a great opportunity, will no matter if you do not have the balls to take the risk

When you are young, you have balls but no money or brains
you grow and you get some money and some brain, but your balls shrink and you cant take as much risk
When you are old and you have money, brain and balls.... opportunities seem to evade you....
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Old 01-26-2017, 11:47 AM
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Old 01-26-2017, 11:47 AM
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Paging Big Al.... Mr. Al -cohol

Here's the skinny. There are two kinds of people working... those with passion and those who work to pay the bills. Most of us fall into the work to pay bucket. Nothing wrong with that. God loves ordinary people 'cause he made lots of 'em.

The key is to know which one you are. I'm a worker who worked and saved and did good. I was never passionate about my job. I was good at my job.... but not passionate. I was successful because I cared. My passion was at home and for the outdoors.

However if you are passionate then risk it all and do something you love to do, and don't worry about the money. Here's the thing..... You will forever be unhappy... if you put your passion in a bottle, Don't go there.

If you're like me, you get up early, get to work on time, don't call in sick, do the job given and expect good rewards for good work. Go to church or become a more spiritual person, be generous with your "gain", Save 20%, have a "home", get married, have kids and pets.

... just sayin'
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Old 01-26-2017, 11:55 AM
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Old 01-26-2017, 11:55 AM
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Im Young (26) but here is what I have done to already get ahead..

1. Live Debt free (pay cash for toys).. I have only borrowed to buy a home
2. Spend less than you make
3. Contribute 15% of income to retirement (max out Roth IRA each year if you can)
4. As your income goes up keep your spending the same and save the difference
5. Don't give a crap about what other people have or think about you because most of them are in debt up to their eyeballs anyways.
6. Your income is typically an average of your 10 closest friends. Surround yourself with successful people and learn from them
7. Always have a budget no matter how much you make. (have a plan for where every dollar goes)
8. Set Goals for yourself (personal, professional, etc)
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Old 01-26-2017, 11:58 AM
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Originally Posted by DavenFla View Post
Here's the skinny. There are two kinds of people working... those with passion and those who work to pay the bills. Most of us fall into the work to pay bucket. Nothing wrong with that. God loves ordinary people 'cause he made lots of 'em.

The key is to know which one you are. I'm a worker who worked and saved and did good. I was never passionate about my job. I was good at my job.... but not passionate. I was successful because I cared. My passion was at home and for the outdoors.

However if you are passionate then risk it all and do something you love to do, and don't worry about the money. Here's the thing..... You will forever be unhappy... if you put your passion in a bottle, Don't go there.

If you're like me, you get up early, get to work on time, don't call in sick, do the job given and expect good rewards for good work. Go to church or become a more spiritual person, be generous with your "gain", Save 20%, have a "home", get married, have kids and pets.

... just sayin'
Very well-stated and probably applies to many more of us. I basically did this too, with one very costly mistake along the way, which altered the way I will spend the rest of my working years. Getting divorced after 20 yrs. of marriage in my state, when your ex-wife schemes her way into qualifying as disabled, is not something you want to do. Alimony until I reach legal retirement age puts a real damper on things. If you're happily married, stay that way unless your wife makes more money than you do.
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Old 01-26-2017, 12:28 PM
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Old 01-26-2017, 12:36 PM
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Whatever everyone else is doing, do the opposite
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Old 01-26-2017, 12:44 PM
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When in doubt, PIIHB.
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